Reputasi Penjamin Emisi Efek, Retensi Kepemilikan, Nilai Pasar dan Underpricing

Abstrak

The Indonesian stock market plays an important role in supporting the national economy. One important mechanism in the stock market is the initial public offering (IPO), where companies offer their shares to the public for the first time. Although IPOs provide an opportunity for companies to obtain fresh funds, the phenomenon of underpricing often occurs. This study aims to test and analyze the effect of underwriter reputation, ownership retention, and market value on underpricing in companies conducting IPOs on the IDX for the period 2020 to 2023. The sampling method used a saturated sampling method of 167 companies. The data analysis techniques used include descriptive statistics, classical assumption tests and multiple linear regression analysis. The results showed that underwriter reputation has a positive effect on underpricing, while ownership retention and market value have no effect on underpricing